Aerial drone shot of a residential neighborhood and community pond in Texas.

Pearland Legal Blog

Family Law & Estate Planning Attorney

When facing a family law, estate law or other legal matter, it is important to work with an experienced attorney who can help you understand your options and protect your interests. At The Powell Law Firm, we have more than 20 years of experience protecting people in Pearland, Houston and the surrounding area in Texas.

Get In Touch With Us Today

August 01, 2023

|

On behalf of The Powell Law Firm

| Divorce

What Happens to a Joint Bank Account After a Divorce?

If you and your spouse are ending your marriage, you likely have a lot of concerns. You are probably wondering about your assets. For example, if you have a joint bank account with your spouse, you may wonder what will happen to it in the event of a divorce.

A joint bank account is an account owned by two or more people. Married couples typically have joint bank accounts, although not all do. Each party has the right to deposit and withdraw money. This is true even during the divorce process, although you probably should not empty it and run.

That is because Texas is a community property state. Money in a joint account is considered to be marital property by the courts. It does not matter if one spouse deposited most of the money or if one spouse spent the majority of the money. The money belongs to you and your spouse equally.

So, if you or your spouse empties a joint account without the other spouse’s knowledge, there could be legal repercussions. You or your spouse could be charged with criminal contempt.

What Options Do You Have?

In a divorce, what options do you have? You cannot take your spouse’s name off the account without their permission, but here’s what you can do.

  • If you and your ex are still on speaking terms, ask them to close the account together and split the funds. If they agree, take the money and immediately open a new account in your name only.
  • If you are not on speaking terms, speak with a divorce attorney. Ask if it is legal to withdraw half the money in the account. The answer may vary based on where you are in the divorce process.
  • If you’re worried that your spouse may withdraw all the money in the account, contact the bank and ask to freeze the account. This way, neither of you can touch the money until the divorce has been finalized.

Because Texas splits assets based on community property, the court will award each spouse half of the money held in a joint account. Once the account has a zero balance, you and your spouse should go to the bank together to close it for good. Closing an account is as easy as signing some documents and showing an ID. However, before closing, be sure to change your autopay for bills and your direct deposit information for paychecks.

Contact Our Pearland TX Divorce Lawyer Today

Texas is a community property state, so assets — including money in joint bank accounts — are usually split up 50/50. If you and your spouse have such an account, make sure to get your fair share.

Have questions or concerns about property division in a divorce? Count on Pearland divorce attorney The Powell Law Firm, for help with your case. Do not leave any money on the table. Schedule a consultation today by filling out the online form or calling 832-850-6095.

Get In Touch With Us Today
Request a Consultation

To schedule a meeting with an attorney, please call 832-850-6095 or complete this contact form. We’ll be in touch with you as soon as possible.

Fields marked with an asterisk (*) are required.

Disclaimer

What Our Clients
Have To Say

  • “I wanted to take the time to thank you [John Powell III] for helping me through a tough time in my life. Your guidance and voice of reason really helped me more than you will ever know. I had a previous attorney that I felt could have really cared less about me or the situation. Once on board with you, I felt an immediate difference and I was thankful for your quick response. I could not have finished this process without you and I am glad you were able to have so much hands on time with me. Again, thank you for everything you did for me and my son!”

    (S.R.)

  • “John Powell III was very helpful through the entire process of my divorce which involved a custody fight over my 3-year-old daughter. Mr. Powell has a strong working rapport with the Brazoria County family court. He was very patient, walking me through every step, knowing what to expect from my wife's attorney. We were ultimately successful and I would highly recommend him. As for my daughter, she is doing great. She has advanced to the preschool 2 class early, she is now 3.5 and now goes to school with the 4-5 year old's. Her emotional and behavioral issues have disappeared. Thanks to Mr. Powell's hard work my daughter will have a great chance at life.”

    (K.K.)

  • “Just wanted to say thanks for handling my post-divorce property division issue in a timely and professional manner. Especially your attention to detail and some quick-witted humor as well. Your firm was referred to us by a friend which can always be somewhat awkward but you made us feel at ease through the entire process. I would not hesitate to recommend your firm to anyone if the need arises.”

    (J.B.)

  • “Dear Mr. Powell: I want to thank you for your great service and express my gratitude. I am extremely pleased how everything was handled and I have the highest possible opinion about your professionalism, the quality of your service and your attitude toward me as a client. Thank you again, best regards.”

    (M.K.S.)

  • “I had what I learned was not your stereotypical divorce case. John Powell III was extremely understanding of the situation and worked with myself and my former spouse to navigate the legal pitfalls in our, and our children's case. Everything was resolved amicably and with minimal impact to our family. Without Mr. Powell's assistance I do not know that we would have gotten to such a positive place.”

    (A.W.)

  • “John Powell III is a compassionate and thorough attorney. My case was a complex custody issue that required work in two wide-spread counties. Mr. Powell was able to efficiently overcome this added challenge. He is patient and clear in explaining concepts of the law. Even after the case was closed, Mr. Powell was available to explain the final judgment and to help ensure we were following the Judge's intent. It is very comforting to know that if additional issues arise he is there to act as my advocate.”

    (R.T.)

READ MORE TESTIMONIALS